However, given that large vessel managers often manage fleets of more than one owner, SHIPMAN 2009 explicitly allows the manager to “allocate available inventory, labour and services in this manner and in the prevailing circumstances”, as the manager deems “fair and reasonable”. 17 The potential conflict between a manager`s obligations to an owner and his obligations and loyalty to others is often inexceptible. While the AIFM needs flexibility in this regard, the investor`s owner needs some comfort so that its vessels are managed fairly compared to other fleets that are in the MANAGER`s portfolio, in particular fleets that are part of the manager`s related businesses. A form of “most-favoured nation” should be seen as a practical way to deal with potential conflicts. SHIPMAN is the industry standard contract for ship management. Managers are appointed as agents by the owners to perform vessel management services as defined in the contract. . . .